Gulf Capital, one of the largest private equity firms in the GCC, has announced its full exit from Kuiper Group in a strategic sale to Asian Energy Services, an Indian company listed on the Bombay Stock Exchange and the National Stock Exchange of India Ltd.
This exit comes shortly after the successful sale of Kuiper’s Australian operations in a carve-out management buyout during Q3 of last year.
Asian Energy Services, a leading integrated service provider to the energy and mining sectors in India, has acquired 100% of Kuiper Group from Gulf Capital, the founders of Kuiper, and OCB Oilfield Services. The acquisition, funded through a combination of internal accruals and debt, is expected to be completed within the next two months.
Gulf Capital initially acquired OCB Oilfield Services, a leading Dubai-based offshore crew provider, and then worked closely with the management team to expand into rapidly growing Asian markets. This strategy led to the acquisition of Kuiper International, a prominent player in the offshore construction and maintenance services sector based in Singapore.
Richard Dallas, Senior Managing Director at Gulf Capital, commented, “We built Kuiper Group into a leading international energy services platform with the management team. Today, Kuiper Group is a global leader, operating in more than 15 countries across Asia, the Middle East, and Africa. This presents an excellent opportunity for Asian Energy Services to scale its operations, tap into a larger market, and support its long-term growth.”
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